Editor’s Note
Grover Jewells Limited has set a price band of ₹83–88 per share for its upcoming SME IPO, which opens for subscription on February 4. The issue comprises a fresh offering of 38 lakh shares, with a minimum lot size of 1,600 shares. Listing on the NSE SME is expected by February 11.
Grover Jewells Limited has announced the price band for its SME IPO worth Rs 33.83 crore. The issue will be open from February 4 to February 6. The shares are likely to be listed on the NSE SME on February 11. This is a completely fresh issue, and 38 lakh shares will be offered.
The price band for the Grover Jewells IPO has been fixed at Rs 83 to Rs 88. The lot size per application is 1,600 shares. Based on the upper price band, the minimum investment amount for retail investors is Rs 2,81,600.
Established in 2021, Grover Jewells Limited is engaged in the manufacturing and designing of wholesale gold jewelry. The company produces a wide range of gold ornaments, from gold jewelry to studded and semi-finished jewelry. Keeping in mind changing fashion trends and market needs, the company offers designs that cater to both wholesale business and the preferences of modern customers.
The company’s product portfolio primarily includes 22-carat, 20-carat, and 18-carat gold jewelry. Grover Jewells provides both hallmark and non-hallmark jewelry. Its two showrooms, located in Delhi’s major jewelry hubs Karol Bagh and Chandni Chowk, strengthen the company’s retail presence and provide customers with direct access to premium and diverse jewelry designs.
At the operational level, the company works in two major segments. The first segment is machine-made chains, which help meet large-scale demand. The second segment is casting jewelry production, through which fashion-oriented and modern designs are created.
For business clarity, Grover Jewells Limited classifies its sales into three parts: wholesale sales, retail sales, and consumer sales. This structure helps the company better meet the needs of different customer segments and makes its business model more effective.
Headquartered in Delhi, the company has established a strong B2B network in nearly 20 states across India. Additionally, Grover Jewells has made its presence felt in the international market and expanded its business through exports to countries like Australia and the UAE.
As of August 31, 2025, the company had a total of 68 employees working in various departments such as manufacturing, design, sales, and operations.
In FY25, the company’s total income was Rs 460.95 crore, and profit after tax was Rs 7.62 crore. For the current financial year up to October 31, 2025, the company’s total income is Rs 473.22 crore, and profit after tax is Rs 10.45 crore.
Out of the proceeds from the issue, the company will use Rs 21.35 crore to meet working capital requirements. General corporate purposes will also be fulfilled.
Finshore Management Services Limited is the Book Running Lead Manager, and Mashetla Securities Private Limited is the Registrar to the Issue. The company’s market maker is Anant Securities.